Stocks open mixed on GDP numbers

The Associated Press

January 30, 2013 09:39 AM

In this Friday, Jan. 25, 2013, photo, Trader Jonathan Corpina, right, works on the floor of the New York Stock Exchange. Markets were steady Wednesday Jan. 30, 2013 ahead of the U.S. Federal Reserve's first policy statement of the year, which has the potential to indicate a shift in its monetary stance. (AP Photo/Richard Drew)ERIE TIMES-NEWS

The Associated Press

January 30, 2013 09:39 AM

Stocks are falling after the government revealed that economic growth shrank in the final quarter of 2012, the first time that's happened in more than three years.

Dow Jones industrial average is down 13 points to 13,941.30. The broader S&P futures have given up 0.60 points to 1,507.20. Nasdaq futures are up 4.4 points to 3,158.

Part of the reason for slowing growth was the biggest cutback in U.S. defense spending in four decades.

The Commerce Department says the economy contracted at an annual rate of 0.1 percent.

It immediately raises questions about the strength of the economic recovery going forward, given the tax increases that went into effect this month.

Attention now turns to the Federal Reserve, which wraps up a two-day policy meeting Wednesday.